Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1887-12-15
The Shortest Message on Record
NATIONAL FINANCES.
THAT AWFUL SURPLUS.

You are confronted at the threshold of
your legislative duties, with a condition
Of the national finances which impera
lively demands Immediate and careful
consideration. The amount of money
annually received, through the operation
Of present laws from the industries and
necessities of the people, largely exceeds
the sum necessary to meet the exigencies
of the government When we consider
that the theory Of our institutions guar
antees TO every citizen the full endow
ment of tho fruits Of his industry and
enter prise with only such deduction As
may be his share towards the careful and
economical maintenance of the govern
mont which protects him, it is plain that
the exaction of more than this is indie
fensible and a culpable betrayal Of fair
ness and justice. This wrong inflicted
upon those who bear the burden of ma
tional taxation, like other wrongs, multi
plies brood of evil conseque noes. The
public treasury, which should only exist
as conduit conveying the peoples trib
ute to it's Legitimate objects of expendi-
ture, becomes boarding place for money
needlessly withdrawn from trade and the
peoples use. Thus crippling our national
energies, usurping our country's develop
ment, preventing investment in product
i've enterprises, threatening financial dis
turbance, and inviting schemes OF public
plumber.
This condition of our treasury is not alto
gether new; and it has more than once of
late been submitted to the peoples repre-
sentatiyes In the congress, who alone can
apply remedy, and yet the situation
still continues, with aggregative incl
dents, more than ever presagipg financial
CONFUSION and widespread disaster. It
will not do to neglect this situation be-
cause the dangers are not now palpably
imminent and apparent. They exist
none the less certainly and the unforeseen
and unexpected occasion will come when
suddenly they will be preoipitated upon
as.
On tbs 30th day OF June, 1885, the ex-
cess Of revenue over public expenditures
after complying with the annual require
ment of the sinking fund act, was ST.
859, 1854; during the year ended June
80, 1886, such excess amounted to $49,-
405,54520; and during the year ended
JuEe 80, 1887, it reached the sum of $685.
SCI, S49.54.
The annual contributions to the sink
ing fund during the three years above
specified, amounting in the aggregate to
$13S, JOSS, 320.94, and reductions from the
surplus as stated were made by calling
IN for that purpose outstanding three
per cent. bonds of the government.
During the six months prior TO June 3d.,
1887, the surplus revenue had grown SO
large by repeated accommodations, and it
was feared the withdrawal of this great
sam of money needed by the people,
would SO effect the business Of the coun
try that the sum of $79, 864, 100 of such
surplus was applied to the payment of
the principal and interest of the three
per cent. bonds still outstanding, and
Rhica were then payable at the option of
}he government. The precarious condi-
tion of financial affairs among the peo-
pie still needing relief, immediately after
the Both day of June, 1887, the remain
der of the three per cent. bonds then out
standing, amounted with principal and
interest to the sum of 1887 500, were
called in and applied to the sinking fund
constitution for the current fiscal year.
Notwithstanding these operations of the
treasury department. presentations of
distress in business circles not only con-
tinued but increased, and absolute peril
seemed at hand. In these circumstances
the contributions to the sinking fund
for the current fiscal year was
at once completed by the expendi-
ture of $27,6S4,2855 in the
purchase of government bonds not yet
due bearing four and four and a half per
cent. interest, the premium paid thereon
averaging about twenty-four per cent.
for the former and eight per cent. for the
latter. In addition 80 this the interest
'acoruing during the current year upon
the outstanding bonded indebtedness OF
the government was to some extens an
fioipated and banks selected as deposit
tories of public money were permitted 20
somewhat increase their deposits.
While the expedients thus employed,
TO release to the people the mon ey lying
in the treasury, served to avert immedi-
ate danger, our surplus revenues have
continued to accumulate, the excess for
the present year amounting to, on the
first day of December, sos, 25S, 971.l9,
and estimated to reach the sum OF $113,-
100000 on the 30th of June next, at which
date it is expected that this sum, added
TO prior accommodations, will swell the sur
plus in the treasury to $40, 100000.
There seems to be no assurance that,
with such withdrawal from use of the
peoples circulating medium our business
community may not in the near future,
be subjected to the same distress which
was quite lately produced from the same
cause, aud while the functions of our ma
tional treasury should be few and simple,
and while Its best condition would be
reached, l believed by its entire discon-
nection with the private business inter
tsts, yet when, by perversion of It's pur-
poses, it idly holds money uselessly sub
tracted from the channels of trade, there
seems to be reason for the claim that
legitimate means should be devised by
the government to restore in an emerg
ency without waste or extravagances such
money to its place among the people.
Ii such an emergency arises there now
exists no clear and undoubted executive
power of relief. Heretofore the redemp-
ton of three per cents only, which were
payabie at the option of the government
has afforded a means for the disburse-
meut of the excess of our revenues; but
these bonds have ali been retired and
there are no bonds out standing the pay
ment of which we have the right to insist
upon. The contribution to the sinking
fund which furnishes the occasion fOl